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Dubai, UAE: Mashreq, one of the leading financial institutions in the UAE, today has reported its financial results for the first half ending 30th June 2018.
Key highlights [1H 2018 vs 1H 2017]:
- Steady growth in Net Profit
- Operating Income is up by 3.7% and stands at AED 3.1 billion
- Net profit for the first half stood at AED 1.2 billion - a 5.2% increase YoY
- Impairment Allowance down by 9.6% YoY
- Consistently high proportion of non-interest income
- Mashreq’s best-in-class non-interest income to operating income ratio remained high at 40.3%
- Insurance, FX & Other Income up by 24.2% year-on-year
- Solid balance sheet
- Total Assets increased by 1.4% in the year to AED 127.0 billion whereas Loans and Advances increased by 7.9% to AED 67.7 billion as compared to December 2017
- Customer Deposits increased 2.3% YTD and are at AED 77.8 billion
- Loan-to-Deposit ratio remained robust at 87.0% at the end of June 2018
- Healthy liquidity and capital position
- Liquid Assets to Total Assets stood at 25.9% with Cash and Due from Banks at AED 32.8 billion
- Capital adequacy ratio and Tier 1 capital ratio continue to be significantly higher than the regulatory limit and stood at 17.0% and 15.9% respectively
- Sustained asset quality
- Non-Performing Loans to Gross Loans ratio remained stable at 2.9% at the end of June 2018
- Total Provisions for Loans and advances reached AED 4.2 billion, constituting 179.1% coverage for Non-Performing Loans
Read the full report here.
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